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The Beast Slayer, Lance's NQ Trading Journal


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The Beast Slayer, Lance's NQ Trading Journal

  #1531 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
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joe s View Post
lancelottrader Nice trades is the tick strike an indicator someone can get or did you program it what is it looking at
thanks Joe

I got it years ago. It's something you subscribe to. It can help but order flow is tricky so you have to be careful with it. If you google Tick Strike, you can probably find the website.

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  #1532 (permalink)
 tvaughan4 
Los Angeles CA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: NQ
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lancelottrader View Post
To me, after revenge trading, one of the other issues that can plague you is the fear of Missing out. It sucks to see a trade just go screaming up or down and you're not in it. It's very frustrating. I now just remind myself that with an instrument like NQ, there will be plenty of other moves. I don't concern myself too much with having a winning day, but more of a winning week. Usually there will be enough setups during the week to hit a decent goal.

That’s a great way of looking at it. Weekly chunks, or even monthly if I could wrap my head around it, but that time scale would take some more doing. Trying to get out of the “in the moment” mindset. Which is a tough habit to shake. Still working on revenge trading as well. But I think both problems stem from the same thing, not being able to step back and see the big picture and getting caught up in the moment.

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  #1533 (permalink)
 
josh's Avatar
 josh 
Georgia, US
Legendary Market Wizard
 
Experience: None
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Broker: Denali+Rithmic
Trading: ES, NQ, YM
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tvaughan4 View Post
Still working on revenge trading as well. But I think both problems stem from the same thing, not being able to step back and see the big picture and getting caught up in the moment.

It's a tough balance and almost a conundrum: it's helpful to be able to zoom out and see the big picture (seeing the forest, rather than only the trees), but also necessary to not focus too much on the past (what's to the left on the chart, because, that's already over and done with), and to be totally present in the moment and objective about what's happening right now. A tricky balance indeed!

Revenge trading, like most trading no-no's, is rooted in ego. Revenge trading is payback for what the market did to me. It's ironic, like that old song, "you're so vain, you probably think this song is about you..." as of course the market has no more personal vendetta against me or even a way to know who I am, any more than I know who's out there trading. And that's another tricky balance. We have to walk a fine line between being cognizant of our mental state and knowing how we are doing, and at the same time completely ignoring everything about us that affects our decisions, like our P&L, our egos, and anything else that might interfere with peak performance.

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  #1534 (permalink)
 lancelottrader 
west palm beach florida usa
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josh View Post
It's a tough balance and almost a conundrum: it's helpful to be able to zoom out and see the big picture (seeing the forest, rather than only the trees), but also necessary to not focus too much on the past (what's to the left on the chart, because, that's already over and done with), and to be totally present in the moment and objective about what's happening right now. A tricky balance indeed!

Revenge trading, like most trading no-no's, is rooted in ego. Revenge trading is payback for what the market did to me. It's ironic, like that old song, "you're so vain, you probably think this song is about you..." as of course the market has no more personal vendetta against me or even a way to know who I am, any more than I know who's out there trading. And that's another tricky balance. We have to walk a fine line between being cognizant of our mental state and knowing how we are doing, and at the same time completely ignoring everything about us that affects our decisions, like our P&L, our egos, and anything else that might interfere with peak performance.

Very well said!

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  #1535 (permalink)
 lancelottrader 
west palm beach florida usa
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Experience: Advanced
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Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
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Yikes..Price action is nuts in NQ today. Have to be very quick..like a video game. lol

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  #1536 (permalink)
redbarntrades
Kalispell=Mt./USA
 
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lancelottrader View Post
Yikes..Price action is nuts in NQ today. Have to be very quick..like a video game. lol

Hi Lance, I have noticed that for myself, I like others (up to this point, but moving to change) watch price move up up and away as in yesterday. Then when we get mornings like this morning, I really like the price action. Has happened over and over.

I used the MNQ to with a 30sec., 5min and a 15 minute. All with 20 SMA.

Here are the results from the sim account. Modified my charts and wanted to look at the 5 minute to make decisions instead of the 1 min or 2 min. Mostly 1 contract, sometimes 2,5 and one time 8. All trades took place before 10:15 EST except 2 trades a bit later. I'm doing less trades and "feel" happier in doing so.

When I trade this way, if I get keep my commission rate below 10% of the Gross, then that is a good trading day with this strategy.

It's lower capital risk, good returns but higher commissions. I look at the commission rate as an insurance. Just a cost of doing business.

Most of these trades were 40/40. One stop out. Sometimes I move my stop if I only had one contract on and it appeared that there was "stop hunting" going on.

Any thing "wrong" about this methodology?

No, I have never played a video game before. Oops! Showing my age.

Ok traders, time to scrutinize the trade performance below:


thumbnail_image

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  #1537 (permalink)
 lancelottrader 
west palm beach florida usa
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Trades from today. Nice price action and good directional momentum.


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  #1538 (permalink)
 tvaughan4 
Los Angeles CA
 
Experience: Intermediate
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lancelottrader View Post
Trades from today. Nice price action and good directional momentum.

On that second to last trade, long breakout at 10:08ish, do you ever (or have you in the past ever), had to fight the impulse to add to your position when you get in impulsively like that and see it pullback to where you maybe should have entered? I'm still fighting this sometimes when I make a bad entry and then see my better entry after. Somehow it doesn't feel right sometimes to let the better entry "go wasted" even though I know adding is a no-no. I guess I'm just angry at myself for the bad execution. Sometimes I win that internal dialogue and sometimes I don't. Wondering if you have any suggestions on that? Thanks.

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  #1539 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386


tvaughan4 View Post
On that second to last trade, long breakout at 10:08ish, do you ever (or have you in the past ever), had to fight the impulse to add to your position when you get in impulsively like that and see it pullback to where you maybe should have entered? I'm still fighting this sometimes when I make a bad entry and then see my better entry after. Somehow it doesn't feel right sometimes to let the better entry "go wasted" even though I know adding is a no-no. I guess I'm just angry at myself for the bad execution. Sometimes I win that internal dialogue and sometimes I don't. Wondering if you have any suggestions on that? Thanks.

I have, in the past, done some trades where I added to my position, but it's not something I do very often. So, I don't really get tempted by that too much. I basically choose a position size and I go all in and exit with the same amount. Right now, I am trying to gather statistics on my 1:2 risk/reward trades of 100 tick targets and 50 tick stop losses. Some trades of course I take profit early, but on most I try to hold for 100 ticks. So, if I start adding more contracts etc. I am changing a variable that will throw off my experiment.
I would suggest only adding if you have a system where you build a position around a price area and it's in your plan to add. Trading has many moments that test one's impulse control and the key is self discipline.

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  #1540 (permalink)
 tvaughan4 
Los Angeles CA
 
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lancelottrader View Post
I have, in the past, done some trades where I added to my position, but it's not something I do very often. So, I don't really get tempted by that too much. I basically choose a position size and I go all in and exit with the same amount. Right now, I am trying to gather statistics on my 1:2 risk/reward trades of 100 tick targets and 50 tick stop losses. Some trades of course I take profit early, but on most I try to hold for 100 ticks. So, if I start adding more contracts etc. I am changing a variable that will throw off my experiment.
I would suggest only adding if you have a system where you build a position around a price area and it's in your plan to add. Trading has many moments that test one's impulse control and the key is self discipline.

Appreciate that. I am trying to build a data set similar to what you are talking about. My discipline just isn't as good. Getting better though ever since I switched, because of you, to the 100 tick/40 tick approach. It's calmed me down a bit in terms of knowing I can handle more losers and still be in the green at the end of the week/month.

Thanks so much for all the information and posts.

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Last Updated on April 11, 2023


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